ENERGY

Unocal Signs Agreement to Sell California Assets: The refiner would receive about $500 million in cash for its crude oil and natural gas assets when the sale closes, probably in March. In August, Unocal Corp. announced a preliminary agreement with Torch Energy Advisors, but El Segundo-based Unocal now says Torch was negotiating on behalf of Houston-based Nuevo Energy Corp., an independent energy company formed by Torch in 1990. Torch will operate the Unocal properties for Nuevo. Many of the 600 employees associated with Unocal’s oil and gas properties will be offered positions with Torch or in other Unocal operations, but an undisclosed number of workers will be laid off, Unocal said. The sale is not expected to affect Unocal’s future operating earnings.